Think about the Caribbean and you can imagine pristine clear blue oceans, white sandy beaches and tropical climates, what else could you ask for for your retirement years? The Caribbean has a long list of countries to retire on, butwe wanted to list our top five magical islands for your retirement.
Whether you are searching for simplicity, tropical climate, culture, or community, the Caribbean can easily accommodate the desires and needs of any retired expatriate.
Which Caribbean island is best for retirement?
Read about the top 5 countries in the Caribbean to retire as an expatriate wanting to seek out the sun.
1. Bahamas
When you think of the Caribbean, the Bahamas Islands will surely come to mind. As the Bahamas is near the United States, it is a highly desirable island for many retirees to choose for retirement. Being near the United States may be particularly important for expats hoping to obtain medical care in the U.S., as transportation can be facilitated.
Many celebrities such as Oprah Winfrey, Johnny Depp and Nicolas Cage have purchased homes in the Bahammas because of the the amazing weather and proximity to the USA. There are lots of flights into Nassay and other islands from major Canadian and US cities, but also a direct flight from the UK via British Airlines.
The two biggest cities for expats in the Bahamas are Nassau and Freeport. The country comprises approximately 700 islands, but only 30 are inhabited.
The country is part of the Commonwealth as it was once a British crown colony.
If this sounds familiar, obtain an international healthcare plan covering all your needs in the Bahamas and include the United States. The cost of living tends to be higher than some other Caribbean countries; however, they have virtually no taxes, either.
Here are some key reasons why the Bahamas is a great retirement destination:
- Taxes are Low—While you should check with your expat tax advisor, generally, expats on the island won’t be subject to taxes on personal income, inheritance, capital gains, and much more. Note that you still have to pay valued-added sales taxes, property taxes, import duties, and more.
- Entertainment – retired expats can enjoy variety of local and international cultural activities and some amazing dining options. If you love seafood, this is the place for you.
- Real Estate – the country has lots of housing options for expatriates, including more basic apartments, but also luxury homes and condos near or at waterfront spots on the coastline. Buying real estate there is fairly straightforward with the help of a local broker to help you find a place that can meet your needs and budget.
- Good Healthcare – The island has some excellent healthcare facilities, but expats should note that these are primarily located in Nassau and that anything very complicated may require you to seek treatment in C or the United States.
If you can afford the lifestyle that the Bahamas entails, it is considered to be an amazing and sightworthy country to retire in. Note that living in Nassau can be expensive, especially if you live on Paradise Island. Also, note that downtown Nassau can have high crime levels, so expats should take adequate care and precautions.
2. Cayman Islands
Living in the Cayman Islands offers future retired expats and global nomads a unique blend of Caribbean paradise and economic stability. Renowned for its stunning beaches and crystal-clear waters, the islands (Grand Cayman, Cayman Brac, and Little Cayman) attract individuals seeking a high standard of living amidst a tropical setting.
Many people retire to the Cayman Islands because of the favorable tax treatment they can receive by living on this amazing island. Of course, you will need to talk to an expat tax expert to make sure you can take advantage of lower taxes that can help support your retired lifestyle, especially since the island has a higher cost of living.
The Cayman Islands are well-run, prioritize safety, and have a low crime rate, contributing to a peaceful and secure environment. Prospective retired residents should be mindful of the competitive real estate market and consider the limited availability of certain goods and services, as the islands rely heavily on imports.
3. Aruba
Coined with the title “One Happy Island,” the Arubian population has been given the rank of some of the happiest people and places in the Caribbean to live. Living with the belief that a population’s success is to the happiness of the locals, Aruba tends to focus on life’s simple pleasures.
We have prepared three simple reasons why you should retire in Aruba this year:
One: Stable Government & Economy – Aruba is well known for having a great economy and a government that you can rely on and trust. The nation is an autonomous nation within the Kingdom of the Netherlands, which is responsible for their foreign affairs and embassies. We should also mention that the crime rates are relatively low in Aruba.
Two: Amazing Climate – Retired foreigners in Aruba can enjoy some great year round weather and the island is outside the hurricane belt. Yes the country can still get some serious storms, but far less risky ones than other islands in the region. Expats also enjoy cooling winds during the Summer.
Three: Easy Entry and Residency – Thankfully, the country has made retiring there for expatriates relatively simple and straightforward. You do need to provide proof of financial backing or at least have a steady income and investments. You can even purchase a property in Aruba and then apply for a retirement visa there, which should allow you to stay for extended durations. Note that you may have to provide proof of adequate g, which is something we can help you with.
Having the sun, ocean breeze and panoramic views, it’s difficult to be unhappy here. This is a very favourable factor for choosing to move to Aruba for your retirement is that it is located outside of the “hurricane belt“, creating a safer and more at ease environment for those wanting a calm and relaxing retirement.
There is no doubt why Aruba has been named one of the top 5 countries in the Caribbean to retire in. To know about the healthcare system in Aruba, check out our healthcare region page.
4. Dominican Republic
Like the Bahamas, the Virgin Islands, and Aruba, the Dominican Republic offers retirees fantastic weather, amazing white sand beaches and a relatively low cost of living. An aspect that separates the Dominican Republic from its Caribbean neighbors, the Dominican Republic also offers the added benefit of international standards for supermarkets and health care. Depending on where you choose to live in the Dominican, you have access to a variety of lifestyles.
A lot of current retirees in the Dominican Republic love it there because:
- Lower Cost of Living – This has to be one of the top reasons why expats choose the island as it can make your retirement income definitely go further. You will find that housing, food and dining out are definitely less expensive than back home along with lower housing costs.
- Beautiful Beaches – Yes, the beaches on the island are amazing, with warm water, breezes and crystal-clear sand. It really is a tropical paradise with a favorable climate and lush mountain ranges.
- Vibrant Culure – The locals in Dominican Republic are friendly and you should find it easy to settle into the nation, but also experience a different culture with great food and entertainment. There is a big expat community on the island and you are not too far from a quick trip to Miami as well.
In the north of the country, you have access to some notoriously beautiful beaches, and in the East of the country, you can find a more fast-paced lifestyle with adventure seekers and sports enthusiasts. To learn about the healthcare system in the Dominican Republic, check out our healthcare region page.
5. Turks & Caicos
If you are on the search for a less hectic lifestyle for your retirement, look no further than Turks & Caicos. This little bundle of 8 islands (main islands) is the perfect location for someone wanting to lie by the beach and enjoy a laid-back beach lifestyle with a beach bar within arm’s reach.
Some key benefits of retirement in Turks and Caicos are:
- Lower Taxes – Like most islands in the region, expats move to Turks because of the lower taxes that they may be able to achieve depending on their status, income and citizenship. An expat looking to lower their tax costs should consider moving to Turks and Caicos but also talk to a reputable tax advisor.
- Stunning Beaches – having been to the beaches there, I can attest that they are some of the most beautiful in the world. The world-famous Grace Bay Beach is often ranked as the best beach in the world.
- Safe – crime rates on the island are quote low and it has a reputation as one of the safer island in the Caribbean. There is a focus on law, order and good governance, but also a solid connection to the USA and Canada along with easy transportation options.
There is no need to worry about being too secluded here, as there is an abundant expat community that is continuously growing. Turks & Caicos is growing in real estate, and that is allowing future retirees to purchase a home near these beautiful beaches for a very reasonable price.
Bonus Destination – U.S. Virgin Islands
If you are an American citizen, retiring in the U.S. Virgin Islands is highly desirable and achievable. The relocation process is extremely easy as it is still considered on U.S. lands. Imagine moving states but ending up in this tropical paradise.
The bundle of islands is a perfect combination of island paradise living and modernized American living. However, according to International Living, an important factor to keep in mind if choosing the U.S. Virgin Islands for your future home is that it is forecasted to be one of the more expensive islands to live on, with an estimated cost of $2,500/month USD for a simple two-bedroom rental apartment.
Why Healthcare is Critical For Retired Expats in the Caribbean
If you are making your retirement decision for the Caribbean, it’s crucial to consider factors such as healthcare, safety, cultural fit, visa requirements, medical capabilities and potential language barriers. Most expats we talk to recommend visiting potential retirement locations beforehand, and spending time there can provide valuable insights into whether a particular place is the right fit for your unique retirement lifestyle
Choosing one of these top 5 countries in the Caribbean to retire is an exciting opportunity. As an expatriate moving abroad for retirement, it is crucial to remember to obtain Global Health Insurance before departure. Global health insurance is the safest and most reliable option for long-term global medical care. International health insurance has the ability to travel with you from country to country. This is extremely important for expat retirees who plan on visiting family back home for the holiday season.
It is wise to contact Expat Financial for expert advice and to discuss your international insurance needs and requirements. We are very experienced in sourcing global medical coverage for future or current global citizens in the Bahamas.
